Hongteng 6088 (06088.HK) announced that its direct wholly-owned subsidiary, Foxconn Interconnect Technology Singapore Pte. Ltd. (FIT Singapore), entered into a share subscription agreement with an independent third party of the group yesterday (23rd).

It is reported that upon the fulfillment or waiver of certain conditions precedent under the share subscription agreement, FIT Singapore has agreed to subscribe for new shares of the joint venture Smart Mobility SJSC, and will inject the equivalent of 50 million US dollars in Saudi riyals cash into the joint venture through several rounds of capital contribution. FIT Singapore will hold 50% of the issued shares of the joint venture.

The announcement states that the joint venture will be classified as a non-wholly owned subsidiary of Hongteng 6088, and its performance will be consolidated into Hongteng 6088 in accordance with applicable accounting standards. (js/w)

~